Jonesboro Affordable Self Storage

Transcription

1 Jonesboro Affordable Self OFFERING MEMORANDUM

2 CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

3 TABLE OF CONTENTS Section 1 PROPERTY DESCRIPTION Section 2 PRICING AND FINANCIAL ANALYSIS Section 3 DEMOGRAPHIC ANALYSIS Section 4 RENT COMPARABLES Section 5 RECENT SALES

4 PROPERTY DESCRIPTION Jonesboro Affordable Self

5 PROPERTY DESCRIPTION OFFERING SUMMARY Unit Type: Non-Climate Controlled Units As of 1/31/2017 Unit Mix UNITS MONTHLY RENT OCCUPANCY Rented Annual Occupied Size Total Units Total SqFt Rent PSF # Units Units Gross Pot Economic TOTALS ,426 $344,712 $ % 86.6% Unit Type: Parking No. of Unit Type Total Approx. Square UNITS MONTHLY RENT OCCUPANCY Rented Annual Occupied Size Total Units Total SqFt Rent PSF # Units Units Gross Pot Economic TOTALS $20, % 100.0% Unit Type: Office/ Warehouse UNITS MONTHLY RENT OCCUPANCY Rented Annual Occupied Size Total Units Total SqFt Rent PSF # Units Units Gross Pot Economic TOTALS 3 3 1,070 $14,352 $ % 100.0% TOTAL ,496 $379,404 $ % 87.8% Major Employers Price $1,800,000 Down Payment 30% / $540,000 Total Units 276 Price per Unit $6,522 Gross Square Feet 41,556 Rentable Square Feet 39,496 Price per Rentable Square Foot $45.57 Year Built 1973 Lot Size 3.09 Acres (MOL) Vital Data CAP Rate - Current 7.74% Net Operating Income - Current $139,280 Net Cash Flow After Debt Service - Current 10.23% / $55,239 Total Return - Current 15.40% / $83,152 CAP Rate - Pro Forma 9.52% Net Operating Income - Pro Forma $171,282 Net Cash Flow After Debt Service - Pro Forma 16.16% / $87,240 Total Return - Pro Forma 21.32% / $115,153 Company Local Employees Clayton County Public Schools 10,950 Coreslab Strctures Atlanta Inc 7,571 Materials Research Engineer 6,000 Lay Management Corp Georiga 2,000 Delta Technology LLC 943 Kmart 601 Shippers Warehouse of Georgia 586 Clayton County Board Education 572 Aim Steel International Inc 526 Quad/Graphics Inc 509 Air Force US Dept of 508 County of Clayton 495 Demographics 2014 Total Population 2019 Total Population 2014 Total Households 2019 Total Households 1-Mile 3-Miles 5-Miles 10,707 74, ,597 10,578 76, ,863 3,894 26,571 64,722 3,853 27,926 67,710 Median HH Income $33,389 $35,400 $37,935 Per Capita Income (based on Total Average (Mean) HH Income $14,936 $16,660 $17,856 $41,014 $45,648 $49,736 1

6 PROPERTY DESCRIPTION INVESTMENT OVERVIEW Investment Highlights 39,496 Rentable Square Feet 88% Physical Occupancy Atlanta, GA MSA List Price $1,800, % CAP on Current Income 16.2% Pro Forma Cash-On-Cash Return Jonesboro Affordable Self- is a 39,496 rentable square foot self-storage property situated on just over 3 acres of land in the South Atlanta city of Jonesboro, Georgia. The facility has 256 non-climate units and 17 parking spaces as well as two retail spaces, and 1 apartment. Amenities at this property include, but are not limited to; manager s office, perimeter fencing, digital video surveillance and keypad gate access. Jonesboro Affordable Self- is very well located on Tara Boulevard with tremendous visibility. Tara Blvd carries over 38,000 cars per day past the property and is a major north-south thoroughfare carrying residents from the airport and I-75 into downtown Jonesboro. Jonesboro is a southern suburb of Atlanta and is the county seat of Clayton County. The area offers exceptional demographics including 74,011 residents in a three mile radius and 182,597 in a five mile radius. Renter occupied housing units make up about 50 percent of the market, and the five mile radius around the property only contains 5.9 square feet of storage per capita which is below Atlanta s estimated demand of Population density, an abundance of renters, high market occupancies and an undersupplied storage market strengthens the tremendous upside potential for this underperforming asset. Population growth in the area has prompted MARTA (Metro Atlanta Rapid Transit Authority) to add additional bus routes into and from Clayton County. Additionally, rail lines have been proposed as part of a larger expansion of the rapid transit system which would include a Jonesboro stop to the line that currently ends at the airport. Jonesboro is the closest city to Hartsfield-Jackson International Airport, only a 10 minute drive on I-75 North. Hartsfield-Jackson International is Georgia s number one employer with over 37,000 employees to run and operate the airport on a daily basis. Consequently, Jonesboro has the highest per capita income in Clayton. Its proximity to the airport and downtown Atlanta has also helped put Clayton County among the state s top three go-to sites for film production. Major blockbusters have filmed here and as the film industry expands the County continues to benefit. The most recent addition, newly built Pinewood Atlanta Studios, is only a 15-minute ride on Tara Blvd from Jonesboro Affordable. Pinewood is a full service film studio on 700 acres that has created job opportunities for the area. During filming of a recent movie, it employed 3,579 Georgians, and spent more than $106 million in Georgia. Offered at $1,800,000, this facility presents a unique opportunity for an investor to acquire an established, well-occupied self-storage facility in the Atlanta, GA MSA. The current owner has worked diligently to improve occupancy over the last three years and, with minimal marketing efforts, a new owner can significantly improve operations by bringing current tenants closer to asking rent. The property is currently operating at 88 percent occupancy by unit count, however is 70 percent economic occupancy as of January A savvy investor may also consider acquiring the adjacent lot of 2.34 acres to expand the storage operation. 2

7 PROPERTY SUMMARY The Offering Property Property Address Assessor's Parcel Number Zoning PROPERTY DESCRIPTION Jonesboro Affordable Self 7469 Tara Blvd Jonesboro, GA C A003; 13179D F001 General Business (GB); Regional Mixed Use District (RMX) Site Description Total Units 276 Units Sizes 24 to 600 Square Foot Units Gross Square Feet 41,556 Rentable Square Feet 39,496 Year Built 1973 Lot Size 3.09 Acres (MOL) Type of Ownership Fee Simple Number of Buildings Five Buildings Number of Stories Single Story Buildings Parking 16 Spaces for Rent Street Frontage 150 Feet along Tara Blvd and 140 Feet along Valley Hill Road SE Cross Street Valley Hill Road SE Traffic Counts (Vehicles per Day) 38,200 Cars Per Day on Tara Blvd Highway Access About 2.5 Miles from I-75 on Tara Blvd Construction Foundation Framing Exterior Walls Parking Surface Roof Fencing Entry Poured Concrete Steel Concrete Block and Metal Concrete and Asphalt Standing Seam and Screw Down Metal Chain Link Computerized Gate 3

8 PROPERTY DESCRIPTION PROPERTY AMENITIES Facility Amenities Drive-Up Self Units Parking Spaces for Rent Office Space for Rent Perimeter Fencing Digital Video Surveillance Management Office Computerized Gate Access Highly Visible Entry from Tara Boulevard Well Lit Facility Wide Driveways 4 U

9 PROPERTY DESCRIPTION PROPERTY PHOTOS 5

10 PROPERTY DESCRIPTION AREA MAPS Local Map Regional Map 6

11 PROPERTY DESCRIPTION MULTIFAMILY DEVELOPMENTS the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any 7

12 PROPERTY DESCRIPTION AERIAL PHOTO 8

13 PRICING AND FINANCIAL ANALYSIS Jonesboro Affordable Self

14 PRICING AND FINANCIAL ANALYSIS UNIT MIX Unit Type: Non-Climate Controlled Units As of 1/31/2017 Size Total Units Rented Units UNITS MONTHLY RENT OCCUPANCY Unit SqFt Total SqFt Rented SqFt Rate Monthly Gross Pot Occupied Gross Pot Annual Gross Pot Rent PSF # Units SqFt Occupied Economic 4x $45.00 $90 $90 $1,080 $ % 100.0% 100.0% 5x $48.00 $96 $96 $1,152 $ % 100.0% 100.0% 6x $60.00 $480 $300 $5,760 $ % 62.5% 62.5% 5x $55.00 $55 $55 $660 $ % 100.0% 100.0% 6x ,700 2,220 $65.00 $2,925 $2,405 $35,100 $ % 82.2% 82.2% 8x ,760 1,440 $85.00 $1,870 $1,530 $22,440 $ % 81.8% 81.8% 10x ,300 3,200 $95.00 $3,135 $3,040 $37,620 $ % 97.0% 97.0% 10x ,620 4,340 $ $3,300 $3,100 $39,600 $ % 93.9% 93.9% 10x ,040 2,560 $ $2,185 $1,840 $26,220 $ % 84.2% 84.2% 10x ,140 3,780 $ $2,875 $2,625 $34,500 $ % 91.3% 91.3% 10x ,800 1,600 $ $1,260 $1,120 $15,120 $ % 88.9% 88.9% 10x ,960 5,760 $ $4,350 $3,600 $52,200 $ % 82.8% 82.8% 10x $ $180 $0 $2,160 $ % 0.0% 0.0% 10x ,800 6,900 $ $5,200 $4,600 $62,400 $ % 88.5% 88.5% 20x $ $480 $480 $5,760 $ % 100.0% 100.0% 20x $ $245 $0 $2,940 $ % 0.0% 0.0% TOTALS ,426 33,098 $28,726 $24,881 $344,712 $ % 86.1% 86.6% Unit Type: Parking Size Total Units Rented Units UNITS MONTHLY RENT OCCUPANCY Unit SqFt Total SqFt Rented SqFt Rate Monthly Gross Pot Occupied Gross Pot Annual Gross Pot Rent PSF # Units SqFt Occupied Economic 12x $ $840 $840 $10, % % 12x $95.00 $855 $855 $10, % % TOTALS $1,695 $1,695 $20, % 100.0% Unit Type: Office/ Warehouse Size Total Units Rented Units UNITS MONTHLY RENT OCCUPANCY Unit SqFt Total SqFt Rented SqFt Rate Monthly Gross Pot Occupied Gross Pot Annual Gross Pot Rent PSF # Units SqFt Occupied Economic 12x15 Office $ $321 $321 $3,852 $ % 100.0% 100.0% 12x20 Office $ $400 $400 $4,800 $ % 100.0% 100.0% Apartment $ $475 $475 $5,700 $ % 100.0% 100.0% TOTALS 3 3 1,070 1,070 $1,196 $1,196 $14,352 $ % 100.0% 100.0% TOTAL ,496 34,168 $31,617 $27,772 $379,404 $ % 86.5% 87.8% 10

15 PRICING AND FINANCIAL ANALYSIS INCOME AND EXPENSES Total Number of Units 276 Total Gross Square Feet 41,556 Total Rentable Square Feet 39,496 Income Current Per SF Pro Forma Per SF GROSS POTENTIAL RENT $379,404 $9.61 $379,404 $9.61 U-Haul Income $1,200 $0.03 $1,200 $0.03 Other Income $24,746 $0.63 $28,203 $0.71 TOTAL OTHER INCOME $25,946 $0.66 $29,403 $0.74 GROSS POTENTIAL INCOME $405,350 $10.26 $408,807 $10.35 Vacancy/Collection Allowance 29.8% / $113,076 $2.86 (20.0%) 75,881 $1.92 EFFECTIVE GROSS INCOME $292,274 $7.40 $332,926 $8.43 Total Expenses $152,994 $3.87 $161,645 $4.09 % of EGI 52.3% 48.6% NET OPERATING INCOME $139,280 $3.53 $171,282 $4.34 Since Dec-15 monthly total income has averaged 10.5% increase year over year. $30, Total Income $25, $20, $15, $10, Comments Total Income Linear (Total Income) $5, $

16 PRICING AND FINANCIAL ANALYSIS FINANCIAL OVERVIEW Location 7469 Tara Blvd Jonesboro, GA Price $1,800,000 Down Payment 30% / $540,000 Number of Units 276 Gross Square Feet 41,556 Rentable Square Feet 39,496 CAP Rate - Current 7.74% CAP Rate- Pro Forma 9.52% Year Built 1973 Lot Size 3.09 Acres (MOL) Type of Ownership Fee Simple Financing Annualized Operating Data Current Pro Forma Gross Potential Rent $379,404 $379,404 Other Income $25,946 $29,403 Gross Potential Income $405,350 $408,807 Less: Vacancy/Deductions 29.8% / $113,076 (20.0%) 75,881 Effective Gross Income $292,274 $332,926 Less: Expenses $152,994 $161,645 Net Operating Income $139,280 $171,282 Net Cash Flow Before Debt Service $139,280 $171,282 Debt Service $84,042 $84,042 Debt Coverage Ratio Net Cash Flow After Debt Service 10.23% / $55, % / $87,240 Principal Reduction $27,913 $27,913 Total Return 15.40% / $83, % / $115,153 FIRST TRUST DEED Loan Amount $1,260,000 Loan Type Proposed New Interest Rate 4.5% Amortization 25 Years Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative. Expenses Real Estate Taxes $18,811 $23,497 Insurance $5,019 $5,019 Utilities $18,157 $18,157 Repairs & Maintenance $9,874 $9,874 Marketing & Promotion $4,330 $4,330 On-Site Payroll $55,327 $55,327 Management Fee $23,382 $26,634 General & Administration $7,430 $7,430 Reserves/Replacements $3,950 $3,950 Bank Charges $5,130 $5,843 Telephone $1,584 $1,584 Total Expenses $152,994 $161,645 % of EGI 52.3% 48.6% 1) Current Revenue represents actual trailing six Profit and Loss Reports annualized from through January ) Current Expenses represent actual expenses from profit and loss statements for the full year of 2016, adjustments are noted on expense page 12

17 PRICING AND FINANCIAL ANALYSIS EXPENSES Current Per SF Pro Forma Per SF Real Estate Taxes $18,811 $0.48 $23,497 $0.59 Insurance $5,019 $0.13 $5,019 $0.13 Utilities $18,157 $0.46 $18,157 $0.46 Repairs & Maintenance $9,874 $0.25 $9,874 $0.25 Marketing & Promotion $4,330 $0.11 $4,330 $0.11 On-Site Payroll $55,327 $1.40 $55,327 $1.40 Management Fee $23,382 $0.59 $26,634 $0.67 General & Administration $7,430 $0.19 $7,430 $0.19 Reserves/Replacements $3,950 $0.10 $3,950 $0.10 Bank Charges $5,130 $0.13 $5,843 $0.15 Telephone $1,584 $0.04 $1,584 $0.04 TOTAL EXPENSES $152,994 $3.87 $161,645 $4.09 % of EGI 52.3% 48.6% 1) Pro Forma Expense Real Estate Taxes has been adjusted to reflect a sale 2) Current and Pro Forma Expense Repairs & Maintenance has been adjusted to reflect industry standards 3) Current and Pro Forma Expense Management Fee has been adjusted to 8% of EGI 4) Current and Pro Forma Expense Reserves/Replacements has been added at $0.10 per square foot 5) Pro Forma Expense Bank Charges has been adjusted to reflect increased revenue 13

18 DEMOGRAPHIC ANALYSIS Jonesboro Affordable Self

19 DEMOGRAPHIC ANALYSIS DEMOGRAPHIC REPORT 1 Mile 3 Miles 5 Miles 2000 Population 12,766 70, , Population 10,104 70, , Population 10,707 74, , Population 10,578 76, , Households 4,604 24,978 58, Households 3,666 25,346 61, Households 3,894 26,571 64, Households 3,853 27,926 67, Average Household Size Daytime Population 3,164 33,150 64, Owner Occupied Housing Units 34.45% 52.16% 55.57% 2000 Renter Occupied Housing Units 58.89% 42.55% 39.54% 2000 Vacant 6.66% 5.29% 4.88% 2014 Owner Occupied Housing Units 39.04% 47.57% 51.26% 2014 Renter Occupied Housing Units 60.96% 52.43% 48.74% 2014 Vacant 9.36% 10.36% 9.80% 2019 Owner Occupied Housing Units 39.98% 47.15% 51.00% 2019 Renter Occupied Housing Units 60.02% 52.85% 49.00% 2019 Vacant 9.55% 11.05% 10.47% $ 0 - $14, % 16.0% 14.5% $ 15,000 - $24, % 16.9% 15.5% $ 25,000 - $34, % 16.5% 16.0% $ 35,000 - $49, % 18.0% 17.3% $ 50,000 - $74, % 17.2% 18.5% $ 75,000 - $99, % 8.2% 9.3% $100,000 - $124, % 4.5% 4.9% $125,000 - $149, % 1.4% 1.9% $150,000 - $199, % 0.8% 1.4% $200,000 - $249, % 0.2% 0.4% $250, % 0.3% 0.5% 2014 Median Household Income $33,389 $35,400 $37, Per Capita Income $14,936 $16,660 $17, Average Household Income $41,014 $45,648 $49,736 Demographic data 2012 by Experian. 15

20 DEMOGRAPHIC ANALYSIS TRAFFIC COUNTS Traffic Count data 2012 by TrafficMetrix. All rights reserved. Two-way, average daily traffic volumes. * Traffic Count Estimate 16

21 RENT COMPARABLES Jonesboro Affordable Self

22 RENT COMPARABLES RENT COMPARABLES MAP Property Name Address City State Zip Phone Distance from Subject Sq. Ft. Jonesboro Affordable Self 7469 Tara Blvd Jonesboro GA (678) Miles 38,846 1) U-Haul Moving & of Jonesboro 7308 Tara Blvd Jonesboro GA (770) Miles 26,705 2) Public 6906 Tara Blvd Jonesboro GA (678) Miles 60,765 3) Store Here Self 53 Hwy 138 Riverdale GA (770) Miles 66,000 4) Public 7493 Jonesboro Rd Jonesboro GA (678) Miles 31,185 5) Extra Space 8337 Tara Blvd Jonesboro GA (770) Miles 112,211 6) Uncle Bob's Self 303 Hwy 138 Riverdale GA (770) Miles 45,300 7) Uncle Bob's Self 1375 Commerce Rd Morrow GA (770) Miles 74,516 8) SecurCare Self 1515 Mt Zion Rd Morrow GA (770) Miles 60,532 9) U-Haul Moving & at Flint River Rd 8640 Kendrick Rd Jonesboro GA (770) Miles 48,677 10) U-Haul Moving & of Riverdale 7242 Hwy 85 Riverdale GA (770) Miles 24,000 11) U-Stor Self 6794 Hwy 85 Riverdale GA (770) Miles 66,529 12) Store Here Self 8898 Tara Blvd Jonesboro GA (770) Miles 55,180 13) Public 6255 Hwy 85 Riverdale GA (678) Miles 62,145 14) A 85 Riverdale 635 Poplar Springs Rd Riverdale GA (770) Miles 48,127 15) Riverdale Road Self 6305 Church St Riverdale GA (770) Miles 86,850 16) Apex Self 2787 Hwy 138 Jonesboro GA (770) Miles 28,789 17) Extra Space 2846 Mt Zion Rd Jonesboro GA (678) Miles 51,400 18) Forest Park 5160 Old Dixie Hwy Forest Park GA (404) Miles 51,049 19) U-Haul Moving & at Riverdale Rd 5691 Riverdale Rd College Park GA (770) Miles 44,160 18

23 RENT COMPARABLES RENT COMPARABLES Climate Controlled Property Distance from Subject Unit Size Rate Unit Size Rate Unit Size Rate Unit Size Rate Unit Size Rate Average $/SF Public 1.3 Miles 5x5 c/c 25 Sq Ft - 5x10 c/c 50 Sq Ft - 10x10 c/c 100 Sq Ft - 10x15 c/c 150 Sq Ft $ x20 c/c 200 Sq Ft - $0.70 Uncle Bob's Self 1.8 Miles 5x5 c/c 25 Sq Ft - 5x10 c/c 50 Sq Ft $ x10 c/c 100 Sq Ft $ x15 c/c 150 Sq Ft - 10x20 c/c 200 Sq Ft - $1.52 U-Haul Moving & of Riverdale 2.5 Miles 5x5 c/c 25 Sq Ft - 5x10 c/c 50 Sq Ft $ x10 c/c 100 Sq Ft - 10x15 c/c 150 Sq Ft - 10x20 c/c 200 Sq Ft - $1.40 U-Stor Self 2.7 Miles 5x5 c/c 25 Sq Ft N/A 5x10 c/c 50 Sq Ft N/A 10x10 c/c 100 Sq Ft $ x15 c/c 150 Sq Ft $ x20 c/c 200 Sq Ft - $0.98 A 85 Riverdale 3.5 Miles 5x5 c/c 25 Sq Ft $ x10 c/c 50 Sq Ft $ x10 c/c 100 Sq Ft $ x15 c/c 150 Sq Ft $ x20 c/c 200 Sq Ft $ $1.26 Riverdale Road Self 3.6 Miles 5x5 c/c 25 Sq Ft $ x10 c/c 50 Sq Ft $ x10 c/c 100 Sq Ft $ x15 c/c 150 Sq Ft $ x20 c/c 200 Sq Ft $ $1.25 Apex Self 4 Miles 5x5 c/c 25 Sq Ft - 5x10 c/c 50 Sq Ft - 10x10 c/c 100 Sq Ft $ x15 c/c 150 Sq Ft $ x20 c/c 200 Sq Ft $ $0.95 Extra Space 4.2 Miles 5x5 c/c 25 Sq Ft $ x10 c/c 50 Sq Ft $ x10 c/c 100 Sq Ft $ x15 c/c 150 Sq Ft $ x20 c/c 200 Sq Ft - $1.26 Average Comparable $/SF $2.15 $1.23 $1.16 $0.90 $0.84 $1.26 "N/A" indicates storage facility does not offer that unit. "-" indicates storage facility does offer the unit but the price was not given. Non-Climate Controlled Property Distance from Subject Unit Size Rate Unit Size Rate Unit Size Rate Unit Size Rate Unit Size Rate Average $/SF Jonesboro Affordable Self - 4x6 24 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $0.89 U-Haul Moving & of Jonesboro 0.3 Miles 5x5 25 Sq Ft - 5x10 50 Sq Ft - 10x Sq Ft $ x Sq Ft - 10x Sq Ft - $1.10 Public 1 Miles 5x5 25 Sq Ft N/A 5x10 50 Sq Ft $ x Sq Ft $ x Sq Ft - 10x Sq Ft - $1.15 Store Here Self 1.2 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $1.05 Public 1.3 Miles 5x5 25 Sq Ft N/A 5x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft - $1.11 Extra Space 1.7 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft N/A 10x Sq Ft $ $0.83 Uncle Bob's Self 1.8 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $1.23 Uncle Bob's Self 1.8 Miles 5x5 25 Sq Ft - 5x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $1.08 SecurCare Self 2.2 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft - 10x Sq Ft - 10x Sq Ft - 10x Sq Ft $ $0.98 U-Haul Moving & at Flint River Rd 2.3 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $0.97 U-Haul Moving & of Riverdale 2.5 Miles 5x5 25 Sq Ft - 5x10 50 Sq Ft - 10x Sq Ft $ x Sq Ft - 10x Sq Ft - $0.53 U-Stor Self 2.7 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $1.12 Store Here Self 2.9 Miles 5x5 25 Sq Ft N/A 5x10 50 Sq Ft $ x Sq Ft - 10x Sq Ft $ x Sq Ft $ $0.99 Public 3.4 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $1.05 Riverdale Road Self 3.6 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $0.94 Extra Space 4.2 Miles 5x5 25 Sq Ft - 5x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft - $0.93 Forest Park 4.5 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft - $0.91 U-Haul Moving & at Riverdale Rd 4.8 Miles 5x5 25 Sq Ft $ x10 50 Sq Ft $ x Sq Ft $ x Sq Ft $ x Sq Ft $ $0.93 Subject $/SF $1.46 $0.96 $0.81 $0.64 $0.60 $0.89 Average Comparable $/SF $1.60 $1.22 $0.90 $0.77 $0.68 $1.03 the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any 19

24 RENT COMPARABLES RENT COMPARABLES $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $2.50 $0.70 $1.52 $1.40 $0.98 $1.26 $1.25 $0.95 $1.26 Public Uncle Bob's Self U Haul Moving & of Riverdale $0.89 $1.10 $1.15 $1.05 $1.11 $0.83 $1.23 $1.08 $0.98 $0.97 $0.53 $1.12 $0.99 $1.05 $0.94 $0.93 $0.91 $0.93 Jonesboro U Haul Affordable Moving & Self of Jonesboro Public Store Here Self Public Extra Space Climate Controlled Unit Rent per Square Foot U Stor Self A 85 Riverdale Riverdale Road Self Apex Self Extra Space Non Climate Unit Rent per Square Foot Uncle Bob's Uncle Bob's SecurCare Self Self Self U Haul Moving & at Flint River Rd U Haul Moving & of Riverdale Rent per Square Foot U Stor Self Store Here Self Public Riverdale Road Self Extra Space Forest Park U Haul Moving & at Riverdale Rd Climate Controlled Average Non Climate Controlled Average $2.00 $1.50 $1.00 Subject Comp Avg $0.50 $0.00 5x5 c/c 5x10 c/c 10x10 c/c 10x15 c/c 10x20 c/c 5x5 5x10 10x10 10x15 10x20 the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any 20

25 RECENT SALES Jonesboro Affordable Self

26 RECENT SALES RECENT SALES MAP 1) 2) 3) 4) 5) Jonesboro Affordable Self Riverdale Road Self Banks Road Self Mini Fayetteville Marion Beavers Mini Jodeco 22

27 RECENT SALES CAP RATE AND PRICE PER RENTABLE SQUARE Average Cap Rate Subject Riverdale Road Self Banks Road Self Mini Fayetteville Marion Beavers Mini Jodeco Average Price per Rentable Square Feet Subject Riverdale Road Self Banks Road Self Mini Fayetteville Marion Beavers Mini Jodeco 23

28 RECENT SALES RECENT SALES Jonesboro Affordable Self 7469 Tara Blvd Jonesboro, GA Total Units: 276 Offering Price: $1,800,000 Rentable SF: 39,496 Price/SF: $45.57 Year Built: 1973 CAP Rate: 7.74% Subject Property 1 Riverdale Road Self 6305 Church St Riverdale, GA Close of Escrow: 1/29/2016 Sale Price: $5,300,000 Total Units: 779 Price/SF: $63.24 Rentable SF: 83,805 CAP Rate: 5.93% Year Built: Banks Road Self 59 Banks Rd Stockbridge, GA Close of Escrow: 4/2/2015 Sale Price: $2,500,000 Total Units: 317 Price/SF: $77.34 Rentable SF: 32,325 CAP Rate: 7.50% Year Built:

29 RECENT SALES RECENT SALES 3 Mini Fayetteville 123 Robinson Ct Fayetteville, GA Close of Escrow: 9/16/2015 Sale Price: $2,500,000 Total Units: 249 Price/SF: $61.43 Rentable SF: 40,700 CAP Rate: 5.59% Year Built: Marion Beavers Mini 50 Marion Beaver Rd Sharpsburg, GA Close of Escrow: 3/20/2015 Sale Price: $1,600,000 Total Units: 234 Price/SF: $46.38 Rentable SF: 34,500 CAP Rate: 7.11% Year Built: Jodeco 2140 Jodeco Rd McDonough, GA Close of Escrow: 6/10/2015 Sale Price: $6,100,000 Total Units: 525 Price/SF: $75.29 Rentable SF: 81,025 CAP Rate: 4.44% Year Built:

30 OFFERING MEMORANDUM Offices Throughout the U.S and Canada